The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is having another disappointing day and finds itself down 0.2% to 5,728 points in afternoon trade.
Four shares which have acted as a drag on the market today are listed below. Here's why they are ending the week deep in the red:
The Auscann Group Holdings Ltd (ASX: AC8) share price has given back its early gains and tumbled 2.5% to 56.7 cents. The fledgling medicinal cannabis company's shares had been in a trading halt since Wednesday as it conducted a capital raising. According to today's release the company successfully raised $12 million at 50 cents per share.
The GUD Holdings Limited (ASX: GUD) share price has tumbled 4% to $11.83. Today's decline appears to relate to a research note out of UBS which revealed that it has downgraded the retailer to a sell rating with an $11.30 price target. Its analysts appear to believe that GUD is overvalued now after rallying strongly this year. I would have to agree with UBS on this one.
The Impedimed Limited (ASX: IPD) share price has fallen 8% to 69 cents. Yesterday the medical technology company's shares rallied over 30% following the release of positive trial results from its L-Dex study. I expect today's decline is likely to be attributable to a spot of profit taking.
The Northern Star Resources Ltd (ASX: NST) share price has plunged 4.5% to $4.42 after the gold price gave back recent gains. At present the spot gold price is fetching US$1,248, down around 1.3% from yesterday's peak. As you might expect, the majority of Australia's leading gold miners have sunk lower today on the news.
